Financial Services Firms Must Effectively Navigate the Current Business Landscape to Ensure Resilience and Business Continuity
In today’s rapidly evolving financial services (FS) sector, it is crucial that firms prioritize cybersecurity and identity management to ensure resilience and business continuity. The widespread adoption of digital agendas, coupled with the shift towards cloud-based systems and remote work, has created a significant cyberattack surface area.
Cybersecurity Challenges in the FS Sector
A recent cyber event serves as a stark reminder of the importance of robust cybersecurity measures. Attackers exploited vulnerabilities in a key financial network, resulting in substantial financial losses and exposing confidential information. This breach highlights the need for proactive risk management strategies, including regular software updates, thorough security assessments, and comprehensive ongoing employee training.
Top Priorities for FS Security Professionals
To address these challenges, FS security professionals must prioritize:
- Developing and implementing a sophisticated framework for regulatory compliance that can adapt to different laws across jurisdictions.
- Aligning investments with local infrastructure and cloud technologies that meet data sovereignty requirements.
- Establishing rigorous vetting and monitoring processes for supply chain security.
- Leveraging innovative technologies like AI and blockchain to automate tedious compliance tasks.
- Implementing automation for effective vulnerability management and proactive incident response.
- Strengthening customer identity and access management (CIAM) strategies to elevate security and customer experience.
- Incorporating identity analytics for advanced fraud detection and prevention.
- Advocating for standardized authentication practices across the industry.
KPMG’s Expertise in FS Cybersecurity
At KPMG, our professionals are dedicated to helping financial services organizations develop advanced digital solutions, advise on implementing and monitoring ongoing risks, and design effective responses to cyber incidents. Our expertise includes:
- Cyber cloud assessments
- Privacy automation
- Third-party security optimization
- AI security
- Managed detection and response
Get in Touch
To learn more about KPMG’s services and how we can assist your FS organization in navigating the current business landscape, please [contact us](insert link).
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